The macroeconomic effects of monetary policy: Evidence from Japan

IF 2.6 3区经济学 Q1 ECONOMICS

Journal of the Japanese and International Economies Pub Date : 2021-09-01 DOI:10.1016/j.jjie.2021.101149

Ryoya Nagao , Yoshihiro Kondo , Yoshiyuki Nakazono

引用次数: 4

Abstract

This study examines the macroeconomic effects of monetary policy in Japan. We apply the new identification strategy proposed by Bu et al. (2021) to the Japanese case and estimate monetary policy shocks that bridge periods of conventional and unconventional monetary policymaking. We show the macroeconomic effects of monetary policy; a contractionary monetary policy shock significantly decreases output and inflation rates even under the effective lower bound. However, because the shorter-term and longer-term nominal interest rates are already close to zero, the magnitude of monetary policy shocks on the macroeconomic variables is modest.

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货币政策的宏观经济效应:来自日本的证据

本研究考察了日本货币政策的宏观经济效应。我们将Bu等人(2021)提出的新识别策略应用于日本的案例，并估计了跨越传统和非常规货币政策制定时期的货币政策冲击。我们展示了货币政策的宏观经济效应;紧缩性货币政策冲击会显著降低产出和通胀率，即使在有效下限之下也是如此。然而，由于短期和长期名义利率已经接近于零，货币政策对宏观经济变量的冲击程度是温和的。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of the Japanese and International Economies Multiple-

CiteScore

5.10

自引率

6.90%

发文量

期刊介绍： The Journal of the Japanese and International Economies publishes original reports of research devoted to academic analyses of the Japanese economy and its interdependence on other national economies. The Journal also features articles that present related theoretical, empirical, and comparative analyses with their policy implications. Book reviews are also published.